PBV Development Term Sheet

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					                             Metropolitan Baltimore Quadel Special Mobility Housing Choice Voucher
                             Program


                                Project Based Assistance Program Term Sheet


Program Description
The Project Based Voucher Development Fund is administered by Metropolitan Baltimore Quadel (MBQ) as a
part of the Special Mobility Housing Choice Voucher Program (“the Program”). A goal of the Program is to
increase the supply of affordable rental housing opportunities in non-impacted neighborhoods throughout the
Metropolitan Baltimore region. Eligible properties are to be located in high opportunity/non-impacted census
tracts in Anne Arundel, Baltimore, Carroll, Harford, Howard, and Queen Anne’s Counties and Baltimore City.
The Program will provide an average of up to $85,000 per unit for acquisition, rehabilitation and/or new
construction.



Eligible Uses
Units subsidized by the Program must serve low-income households referred from Metropolitan Baltimore
Quadel’s (MBQ) waiting list of families who have completed MBQ’s comprehensive housing counseling
program. Program funds can be used to cover acquisition costs associated in the following property types:

•       Existing multifamily properties
•       Existing single family and row/town homes
•       New construction of multifamily properties
•       New Construction of scattered site homes, including single family homes, duplexes, row homes, etc.

**For multifamily and contiguous row homes, funding is limited to not more than 25% of the units to ensure
re-concentration does not occur.

General occupancy units with a mix of unit sizes ranging from one (1) through four (4) bedrooms may be
considered for funding. Favorable consideration is placed on units that contain three (3) or more bedrooms.



Payment Standards

MBQ establishes payment standards for the Program. The payment standards for the Baltimore/Towson MSA
are:
                                               Baltimore/Towson MSA
                           Bedrooms          1BR         2BR        3BR         4BR
                           110% Area        $1,102      $1,323     $1,699     $2,098
                           120% Area        $1,202      $1,443     $1,854     $2,289
                           130% Area        $1,302      $1,563     $2,008     $2,480
                                                    Columbia
The payment standards for Columbia are:
                         Bedrooms                   1BR        2BR        3BR         4BR
                         Payment Standard         $1,472      $1,708     $2,322      $2,703
                                         Baltimore/Towson MSA
                   Bedrooms            1BR         2BR         3BR         4BR
                   110% Area         $1,102       $1,323      $1,699      $2,098
                   120% Area         $1,202       $1,443      $1,854      $2,289
                   130% Area         $1,302       $1,563      $2,008      $2,480
General Terms                                 Columbia
                  Bedrooms                    1BR        2BR          3BR         4BR
•       15 year Housing Assistance Payments (HAP) Contract with renewal options of no less than 5 years (up to
                  Payment Standard          $1,472      $1,708      $2,322      $2,703
the maximum allowed by law)
•       0% interest rate
•       Deferred repayment as long as the unit remains in the program
•       Funding is transferrable to an approved owner who agrees to maintain the property in the program
•       Owner must select tenants from MBQ waiting list
•       Units must meet Housing Quality Standard guidelines. All funds are repayable upon early termination
or non-compliance of the HAP Contract and/or at the time the unit is no longer available for Special Mobility
Housing Choice Voucher Program participants
•       A full-recourse agreement executed between MBQ and awarded developer/ property owner with a fixed
default penalty rate of 10%.


Additional Benefits

•       Guaranteed Rent Payments: The owner is guaranteed the government’s share of rent payments under the
Section 8 program.

•       Vacancy Loss Coverage: Owners are entitled to up to 60 days vacancy loss coverage for a turnover,
when units were leased up and become vacant.

•       A Tenant Pool of Motivated and Prepared Applicants: Applicants for the Special Mobility Program are
seeking a better life, not just a place to live. MBQ has established a family readiness program to help families
achieve that goal. MBQ assigns each family a case manager who works with the family to prepare them for the
move. MBQ will provide landlords with referrals of eligible Special Mobility Program participants who have
completed the MBQ family readiness program. The landlord must select residents from among the applicants
referred by MBQ.

•        Post Occupancy Support: MBQ’s case managers will provide ongoing support to both the family and the
landlord for two years after the initial move-in. If issues develop that affect a family’s ability to be successful
in their new community, MBQ staff is available and can assist the family and landlords in resolving these issues.

				
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posted:9/17/2012
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